Bumble’s third-quarter earnings were released three weeks ago and stock dropped by 26%.
As a result of this, Whitney Wolfe Herd is no longer a billionaire. Herd was recently announced as the world’s youngest self-made female billionaire but times and prices change and her worth is now estimated at $940 million.
Her net worth has plummeted by over 200 million
Bumble had excited investors at its IPO way back at the start of the year as it opened trading at $76 per share. The IPO’s success did push Wolfe Herd’s pot up to $1.5 billion at that time.
Not only did this make her the world’s first female self-made billionaire but also the youngest female CEO in history to take a company public.
It’s just not always that simple though and Bumble has had a hard time keeping up the momentum since then.
Shares stopped peaking on February 16 and fell dramatically this month.
Investors got scared by the quarterly earnings announcement with Bumble announcing a drop in overall user growth.
Wolfe Herd’s achievements aren’t tarnished by this news though. She’s an indomitable figure in the world of business and it’s likely she’ll pick up Bumble’s slight lag and push it into further successes quite quickly.
After all, this is not a woman to toy with. She famously began her career at rival app Tinder where she was well-known for her amazing marketing skills. One of the co-founders of Tinder, she reportedly helped grow the app in its early days by relentlessly targeting young women on college campuses.
It all went wrong when she sued Tinder for sexual harassment and discrimination amid claims she’d been stripped of her co-founder status.
Tinder settled out of court but the two men most famously embroiled in that case were Sean Rad and Justin Mateen.
Rad, currently in court with Tinder over their alleged price fixing was part of the discrimination which Wolfe Herd suffered and he eventually lost his position as CEO of Tinder – his reputation has gone from bad to worse since then.
There was the time he secretly recorded employees at Tinder, the time he claimed a supermodel was desperate to sleep with him and of course, more recently, accusations that he’d paid one of his witnesses 2 million in his ongoing case against Tinder.
Billionaire or not, Wolfe Herd is still a self-made woman and one who has set out to change the world of dating for the better.